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Tax hurdle key for Indian GP return
Indian Grand Prix organisers have been told that a return of their Formula 1 race will only happen if the taxation problems that forced it off the calendar are resolved.
Darshan Chokhani
Published: Jul 8, 2015, 9:59 AM
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Former FMSCI president Vicky Chandhok met with Bernie Ecclestone and Donald Mackenzie at the British Grand Prix to talk about the possible return of Indian GP.
Chandhok stated that Ecclestone will be ‘happy’ to return once a pending tax case in the Bombay High Court is resolved in their favour.
"It was nice to meet Bernie again and he is happy to come back to India and race promoters Jaypee too want F1 to return,” said Chandhok in an interview published in the Press Trust of India.
“Hopefully the taxation issues case will be in our favour and with the central government's positive outlook, I do feel we will be able to get the various ministries' support."
Bernie and CVC still keen
Chandhok was joined in the meeting by his son and former F1 driver Karun Chandhok plus Donald Mackenzie, co-chairman of F1's biggest shareholder CVC.
Karun Chandhok said: "We just wanted to check if the appetite for India is still there or if they have moved on to other countries.
“The good news is that Bernie and CVC are still keen to come to India but they are not happy about the pending tax."
Before the first race in 2011, F1 had an Authority of Advanced Ruling (AAR) to ascertain whether its income is taxable in India, and in light of the situation India lost its position after the 2013 event.
As the next hearing of the case is in September, the prospect of the race returning in 2016 is all but over but efforts for 2017 could be ramped up if the tax situation changes.
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